The launches of new products fail between 25% and 45% of the time. This is often concerning, especially for those planning to launch a product in the near future, but it’s always best to know the odds and face the facts.
Let’s examine some of the hard truths about creating and releasing new products. With the right strategies, these hurdles can be overcome, but creators and service providers need to be aware of them and to account for them.
Testing Determines Which Ideas Work
Most ideas are destined to fail. Only a few ideas will make it through to the product launch stage, and – as we’ve mentioned – up to 45% of those will be unsuccessful. Creators tend to overestimate the level of interest and engagement that their product will conjure.
To overcome this, and to ensure that your product stands the best possible chance of breaking through, testing is absolutely essential. Test products at every stage of development, on the actual target audience, and don’t even consider releasing them until all identified issues have been smoothly ironed out.
If your preliminary tests reveal that a product isn’t up to scratch for some reason, you must be realistic about its success-related chances on the market. A very thorough testing is the best way to ensure that you’re not wasting time and money on a product/service that just simply isn’t working.
For example, some software service providers use a range of testing procedures to ensure the viability of our products, and to project the benefits to end users and stakeholders.
Meeting Market Needs is Harder Than You Think
We all know the value of a product which meets the needs of a market, but this is not always as straightforward as it sounds. In fact, one could argue that it’s the greatest single challenge facing a product creator. Creators must think deeply and carefully about precisely where their product fits into the market, and exactly how it satisfies a need.
The real trick to succeeding in this area is being able to think outside the box, and to look where others haven’t thought to. There have been some high-profile examples of inventions that many thought doomed to fail, such as the Apple iPad, which turned out to be great successes because their creators knew that there was a gap to be filled. Identify your market’s needs, decide how your invention will satisfy them, and have faith in your decision.
Timing is Everything
There’s a long history of products which were almost great, but were simply released at the wrong time. Sometimes this is because of bad planning, but it’s generally just bad luck, and there’s no way that a creator can completely rule out the possibility of a badly timed launch.
Some products – take, for instance, the short-lived Apple Newton PDA – are simply too far ahead of their time. This product, released a decade before the iPhone, failed because its features were highly advanced and, for the time, seemed inaccessible to users.
A strategic and well-timed release can be a huge benefit to a product too. The Nintendo Switch, for example, was released at Christmas to capitalise on the shopping season whilst avoiding direct competition with other games console creators.
Successful Products Take Time
You can’t rush a masterpiece, and great creations do not come to fruition overnight. Don’t try to cut corners or take on every stage of a product’s lifecycle yourself. Instead, it’s best to allocate tasks to the individuals who are best suited and most qualified for them. Biting off more than you can chew could spell the end of your product before it’s even launched.
Once you’ve laid some solid foundations and got an MVP that actually functions, you can start to build it up into the product of your dreams. Incorporating user feedback is the best way to work out which areas of your product should be focused on the most.
Developers and designers should accept the fact that good work takes time. There have been many great inventions that began with the most simple prototype, and even getting to this stage is a long journey.
Beating the Odds
If you or your company are in the lead-up to a new product/service launch, consider the above points. It pays to be realistic and rational, but perseverance and faith in your work do go a long way. Understanding the obstacles that you are facing is the first step to overcoming them.
Make sure that you understand the harsh realities of product development, and boost your chances by taking your time, planning everything, and having faith in your product when it matters most. Don’t be disheartened by the statistics. After all, if up to 45% fail, then at least 55% succeed.
